Gold Declines as Europe Economic Outlook Trims Demand

Gold fell for the first time in four sessions in New York and London as an improved economic outlook in Europe trimmed investment demand for the metal.

Growth in Europe’s manufacturing industry accelerated to 56.7, a three-month high and more than previously estimated in July, Markit Economics said today. Gold rose to a record on June 21 as concern about sovereign debt crisis in Greece, Portugal and Spain contributed to investment demand.